Integrate your financial resolution in your daily routine

All of us want to be financially successful. While this success may have a different yardstick for different people, but the fact remains is that the definition remains the same. Broadly it would get defined as creating enough wealth to take care of future expenses and post retirement financial requirements. Having said that, there are fewer people who are able to come close to the set out objectives. While various unforeseen factors can lead to impacting achievement of the goals, one thing that will definitely facilitate triumph is integration of the financial resolutions in one’s daily routine.

Being mindful of the objectives

One does get sucked into various things in daily routine and the mind getting diverted from the important tasks is quite possible for most of us. Being mindful of the objectives and not letting them slip out of radar is going to be the first task. An easy way to accomplish this is to prepare a one page sheet with all financial goals written on it and reading it twice every day. This will ensure to have the strayed thoughts recollected and channelized in the right direction. To keep up with such focus, the smart phones come to aid. One can create a document and check it any time anywhere if the same is available on the phone.

Being aware of the funds

This is another factor that would help one keep walking on the path towards these goals. All that one needs to do is check on the spends and balances for the day. The smart phones again come to support this factor. There are number of applications available today that can help one keep track on the expenses and balances. These even give details on the money being spent on various items like grocery, entertainment, travel etc.

Being proactive on repayments

One has to be highly responsible towards the repayment of all the obligations. All loans or any form of debt needs to be repaid in time. Goes without saying that a slip up on meeting these obligations can result in low CIBIL score. An impaired credit profile can be one of the major deterrents resulting into a bottle neck.

Being a conservative on purchases

Prepare a list every time you step out to buy. And more importantly stick to the list of items prepared by you. Invariably, the urban dwellers land up buying stuff that may get stocked up and not get consumed sooner and or may just not even get consumed at all. Also, people do get lured for offers and discounts and land up spending much more than what they intended to buy. Such instances only lead to depleting the cash flows. The same money if gets invested wisely can aid the cause of wealth creation.

Being a better money manager

Money management is an art. One needs to learn that art sooner than later. A good starting point is to create a balanced budget every month. Checking on the available money to meet expenses and setting out some part of earning for investment is must. Irrespective of the amount, one must try to save some money every month without fail. Create a budget, follow it strictly and revisit it the next month to see how the same can be improved, is going to make you a better money manager over a period of time.

Being credit score enthusiast

This is another aspect that one and all need to follow. One’s credit score plays a highly important role in ensuring meeting of the long term financial objectives and wealth creation. Now that the directive from RBI entitles all Indians to have access to free CIBIL report every year, tracking and profile management has become easier. Obtaining the report and ensure a high score will facilitate achievement of goals.

So if you are among those who have been taking resolves but failing to have them achieved over last few years, be cognizant of the above advises and experience a better integration of new financial year resolution into daily routine.